Field of the Invention
The present invention relates generally to inventory management and payment systems and, more specifically, to an inventory management and payment system that allows the stakeholders in the shipping and stocking of various items to receive payment immediately as the items are purchased.
Even more specifically, it relates to an inventory management and payment system where the various items are specifically and individually labeled so that each individual transaction is logged and immediately reflected in the status of the inventory.
Description of the Prior Art
There are other inventory management systems which provide for accountability and inventory management. While these systems may be suitable for the purposes for which they where designed, they would not be as suitable for the purposes of the present invention as heretofore described. It is thus desirable to provide an inventory and payment management system where information in a barcode chip includes a product ID, the price, the vendors account number (with regard to the wholesaler), the routing numbers of the relevant bank accounts, and the percentage of the retail price that the retailer retains. It is further desirable to have this information immediately transmitted at the point of sale so that the users have real time information regarding inventory and moneys owed and received.